Queensland Investment Corp. sold Sydney-based Westpoint Shopping Centre in the largest single transaction of an Australian retail center. QIC sold Westpoint to Australian asset manager Haben and U.S. investment manager Hines, each of which will take a half stake.
Financial Standard, which, like CIO, is owned by ISS STOXX, reported the final sale price as A$900 million ($605 million), surpassing the 2017 sale of Indooroopilly Shopping Centre for A$800 million.
Michael Fattouh, QIC’s town center fund manager, said the deal reflects positive performance driven by 34 years of active management.
“As one of the first QIC Real Estate assets, jointly owned by the QIC Property Fund and QIC Town Centre Fund, it has been a rewarding journey transforming Westpoint into the retail and lifestyle heart of Blacktown [in Western Sydney],” Fattouh said. “We are immensely proud of Westpoint’s evolution, and it is only fitting that its sale is the retail deal of the year. This sale, while still subject to FIRB approval, further showcases QIC’s ability to not only drive performance through active management, but to also deliver successful transactions on behalf of investors when the time is right.”
The QIC, with roughly $67.25 billion in assets under management, is an investment company founded and owned by Queensland, Australia, to manage the long-term investment needs of the state government.
Ben Finger, managing director and co-founder of Haben, said the shopping center was a significant asset offering core retail and mixed-use zoning in one of Sydney’s fastest-growing areas.
“This acquisition presents a strategic opportunity to partner with Hines on their first Australian retail acquisition, establishing one of the largest retail partnerships in Australia,” Finger said. “Haben are pleased to take over the management and have a strong belief in the resilience and potential of the Australian retail market. We greatly look forward to continuing to grow Westpoint Shopping Centre alongside its expanding demographic.”
This article first appeared in our sister publication, Financial Standard, which, like CIO, is owned by ISS STOXX.
Tags: Ben Finger, commercial real estate, Michael Fattouh, Queensland Investment Corp., shopping centers